Micro and small companies of Zemgale had the largest turnover last year.

The number of micro and small companies in Latvia is currently more than 94% of the total number of all companies registered in the country. Even though most of these companies are concentrated in the capital, the role these companies play in the regions increases as well.

A total of 13 082 small and 28 555 micro enterprises are currently registered in the capital. The second largest number of such companies is found in Kurzeme (1 645 small and 3 219 micro companies). Vidzeme has the least concentration of these companies, according to Lursoft data.

The number of micro enterprises slightly reduced last year, coming close to the level of 2010. A total of 54 612 micro enterprises were registered in Latvia last year. 39 981 of them worked with a turnover of 70 000 LVL.

The general number of small companies has been relatively stable since 2009. In 2012, 19 291 small companies were registered in Latvia in 2012.

24.5% of all Latvia’s micro and small companies relate their main activities with trade. Only 6.72% of companies are united in the TOP 5 area of activities – real estate transactions, accounting and judicial services (5.65%), car and motorcycle sales and maintenance (4.60%) and land transport and pipeline transport (3.97%).

Last year, one-fifth of all Latvian micro and small companies had noted in their annual accounts that their turnover had been 0 LVL. This was the first year for nearly 30% of all companies with turnover of 0 LVL. One of the most often mentioned explanations for this was that not all founded companies were able to get all they needed to begin economic activity.

Review of turnover of small and micro companies for 2012 shows that those companies operating in Zemgale have had the largest turnover in 2012.

Companies have managed to recover after the drop of 2010. Even though most of micro companies have not been able to reach a turnover equal to 2007, companies of Riga region have even managed to exceed it. Last year’s average turnover of Riga region companies was 18 001 LVL (13 970 LVL in 2007).

I spite of the fact that small companies of Riga region do not have the largest of turnover indexes, companies of this region were the ones to show the largest earnings in Riga and last year – 10 543 LVL. It should be noted, however, that this fact does not mean that micro companies were also working with high earnings in this region. Unlike other Latvian regions, where the earnings of micro enterprises are somewhat small, the average losses of Riga region’s companies were 100 LVL.

Latvian Employers’ Confederation (LEC) is worried about ongoing events and their negative effect on the stability and future development of the country’s economy. LEC believes that stabilization of the financial situation requires careful coordination of actions between institutions and the government.

Compared to December 2017, level of producer prices in Latvian industry rose by 0.9 % in January 2018. Prices of products sold on the domestic market went up by 1.2 % and prices of exported products by 0.6 %.

Russia is trying to use the established situation to create chaos in Latvia. Efforts, however, are fated to fail, says chairman of Saeima’s Defence, Internal Affairs and Corruption Prevention Committee Ainars Latkovskis.

Latvia’s Finance Minister Dana Reizniece-Ozola has failed to prevent the decision made by United States Department of the Treasury, which is ruinous for the country’s financial sector and humiliating for its reputation, says chairman of New Conservative Party Jānis Bordāns.

Considering events of the last several days in the country’s banking sector and the arrest of the governor of the Bank of Latvia – Ilmārs Rimšēvičs – it is entirely possible that someone is currently realizing a massive information operation. Its structure and execution is not unlike the one observed in USA, France and Germany during the pre-election period, BNN was told by Latvia’s Defence Ministry.

«This situation is incredibly complicated. This situation is quite possibly the most complicated one I have ever been in. I feel a great deal of support from people I don’t know, as well as my friends and family members. I have decided to not back down – I am innocent. The the people attacking my reputation have only one goal in mind – to have me step down,» said the governor of the Bank of Latvia Ilmārs Rimšēvičs during a press conference on Tuesday, 20 February.

The number of people working in Latvia’s culture sector is equal to 4.5% of the total number of employed people in the country. This proportion is also larger than the average one across the European Union, according to data published by Eurostat.

Considering that Latvia’s Education and Science Ministry has several ongoing industry reforms, it would be best to put the proposal for compulsory secondary education on hold, said Education and Science Minister Kārlis Šadurskis during a meeting of Saeima’s Education, Culture and Science Committee.

Association of Latvian Commercial Banks sees a need for the European Central Bank (ECB) to become more involved in the discussion and help resolve the situation, considering evaluation of ABLV Bank’s business model is in direct competence of ECB.

The largest fast food catering restaurant network in Finland and Baltic States – Hesburger – plans to invest approximately EUR 11.5 million in business development this year. EUR 5.5 million are planned to be invested in Latvia’s market, says Hesburger Development Director Ieva Salmela.

On Tuesday, 20 February, air temperature in central and northern parts of Finland dropped to -27° C… -31° C in morning hours. In Norway, close to the Finnish border, air temperature has dropped as far as -34° C, according to data from meteorological stations.

It is not impossible that someone may want to undermine Latvia’s financial sector, said chairman of Latvian Finance and Capital Market Commission Pēters Putniņš in an interview to Rīta Panorāma programme on Tuesday, 20 February.

There are serious risks associated with European Union’s co-financed project for the revitalization of Skanste neighbourhood, including construction of Skanste tramway line, says member of Riga City Council and For Latvia’s Development party Viesturs Zeps.

Latvia’s society believes the KGB documents should be made publicly accessible immediately. In addition, residents say they are confident in their ability to discuss those documents without the country’s supervision, which takes the form of expert opinions prevailing over society’s moral views, as stated by guest researcher of History Institute of the University of Latvia M. His. Marta Starostina.

«What we have observed in the past several days is that Latvia’s financial sector has received several heavy strikes as a result of the government’s uncoordinated and chaotic actions. Prime Minister Māris Kučinskis has evidently ‘disappeared’ and offers no clear plans to resolve the crisis, whereas Finance Minister Dana Reizniece-Ozola says different things in every interview. Such behaviour will not help resolve the crisis. It could instead pull the country’s financial sector in a much deeper crisis,» says chairman of For Latvia’s Development Juris Pūce.

As a security measure, the governor of the Bank of Latvia Ilmārs Rimšēvičs has been applied with a prohibition to take post, said Latvian Prime Minister Māris Kučinskis after a meeting of the Cabinet of Ministers.